Try the 52 week challenge for 2014!!!

I know that many of us struggle to save throughout the year. Try this challenge to save week by week and let me know how you are doing. I will re-post this every couple of weeks to see how you are doing. 🙂

Might I suggest doing this in reverse. If not you’ll be giving the most during Christmas time when money is often tight vs in the beginning when you have all the money you received during the holiday season.

I did this last year and what a difference it made when I went Christmas shopping!. I will do it again next year but I will do it in reverse. Giving up the 40-52 dollars a week at the holidays was a little hard. I will begin with 52 and by Christmas time be down to the single digits.

Would love to save like this, but impossible to save from this example when you only have one check a month. Will try to make our own weekly savings chart like this but with what income we have. Thanks for the idea for next year. Happy 2014.

Following the original plan, you would contribute $10 in January and then $202 by December. Seems like quite a steep jump.

As I looked at the saving schedule, I noticed the dollar among per week kept going up. I thought it will be easier to save on a more consistent, even amount per pay period. I like the idea very much, just not the dollar amount constantly going up. Well, I did the math. If we break it up evenly, it works out to $26.5 per week or $53 every 2 weeks and that’s $102 per month (during the 4 months that have 3 Fridays it’s $159).

I am going to try it and see what happens. It is a great way to save for Christmas. I am challenged. I will have to be reminded to do it. Since I get paid every two weeks I will have to do it by two instead of ones.

When my daughter was born she weighed 6 pounds 10 ounces so every week I put $6.10 away for her then when my son was born he weighed 6 pounds 14 ounces so I put $6.14 away every week for him (that is $12.24 per week for both children per week, $48.96 per month with 4 weeks in it) so at the end of the year I have set back $317.20 for my daughter and $319.28 for my son and I will continue to do this until they are (at least) 18 years old so that my children will have some money for a house down payment, car, or college. By the time my daughter turns 18 I will have $5,709.60 saved for her and by the time my son turns 18 I will have $5,747.04 saved for him. I think this is a great idea for any baby a gift (dollars are the pounds and cents are the ounces), just a thought for new babies.

Okay you got my attention and absolutely nothing to lose; this is a win win situation. You not only make a commitment and keep it but at the end you have hundreds of dollars put away that you wouldn’t have otherwise Love it!!

Alternately, this works out to $26.50 per week, or $114.83 per month. It may be easier for some of us to put an equal amount into savings monthly rather than building up the amount each week – by the time you get to December, you’re putting away $202. That amount may be a bit steep, especially around the holidays. Or maybe you could reverse the amounts, starting at $52 on Week One and $1 by Week 52. Whichever way one chooses, it’s a great idea to save!

Thanks for sharing. Didn’t think that by the time we put in $52.00 at the last week of the year, it’ll total over $1,3sum. Now isn’t this neat?! If it works, then I’ll continue every year! Now HOW ABOUT THAT!!!!-SHERLOCK

I think I’m going to try this but start backwards witht he highest amount first. Otherwise the larger amounts hit during December which is daughter’s birthday and Christmas and money is always extra tight. So for me I think more likely to succeed if I work my way down to a $1.

Considering staring this in reverse order. I got to thinking after seeing this several days ago, that next December things might get tight with holidays etc coming up. In the past, I used to put aside every $5 bill I rec’d in change while out shopping. Have quite a stash f $5 bills saved up for my trip to Hawaii one day in my future.

I am so excited you posted this up. I seen this at a church sale in Mableton few months back. Lady was selling for $34.00 which thought was way to high and all.So I am for shure doing this starting on Wed. 01,Jan 2014.

Sounds fantastic!! My husband WON’T save a dime!! It pisses me off. I DON’T have access to the bank account. He says if I need something, he will go get it, so for me to even try to save ANY of ‘his’ money…would be hard. I will show him this, he will say ‘yeah, ok..HOW am I to save $ when ‘we’ have bills?’ I have been trying to get him to save AT LEAST $20 a paycheck or a month and it doesnt get done….

I’ve been doing my own challenge..only slightly larger than this. Started 2 years ago when I got married..24 years old and have 54, 000 in savings already. We are saving for our dream home and would like to put 20% down on a 15yr fixed rate and Suze Orman has been a gr8 help (love her show). Only 24 years old and I’m on the way to financial success! Debt free as well! If you do this believe me you will be very happy with the outcome at each years end!

Great idea – just wanted to point out that in the table there is a mistake in the balance at week 49. The amount should be $1225, but this doesn’t change the final amount saved. Thanks for sharing that idea 🙂

An even more effective way of ensuring that the saving will happen is probably to physically put the money aside in a piggy bank or something. That way, you see the money; it’s easier to keep track of the saving than doing it with your bank account!

Great idea but I prefer to set up my main acct to auto transfer an amount to my secret acct. I started this for my 17yr olds graduation and end of 2013 there was close to $800 in the acct. Im about to start my bucket list acct.

Do this with a “high-interest” (which these days is laughable) savings account and your end-of-year balance would be north of $1,412. Capital One, for example, has one paying .75% (link below). The interest is paid monthly and then your balance is even higher next month (when more interest is paid, welcome to compounding!) Every (extra) dollar helps!

If your stores print out the amount of savings on the register receipt, try putting that amount aside. You’d be surprised how much this can amount to. Each coupon, each discounted item. And watch for special savings you can get at some stores. For instance, as a retired reservist, I can get military discounts of 10% at several chain stores, our local IGA has “senior day” on Tuesdays, again a 10% discount. Buy big-ticket items when the store has “11% off on everything” day.

It would make more sense to save the same amount each week ($26.50 each week). The cost is the same and the compound interest would increase your earnings. You can set a recurring deposit for a fixed amount with your bank so you never forget a week. If your bank only does monthly recurring deposits just set it to $115 per month.

I would do it backwards. Start at $52 and then go down each week so the last payment is $1, means you will have more money to spare next christmas and as the payments are going down it feels more comfortable.

I just saw this and I will challange my gf to do it with me but with a slight twist. I will start from the end with the $52 saving week one and the go down. But with another additional twist. Lets say that we are in week 3 aka the $50 saving week. Then the $50 saving will be the minimum but we can ad up to $52.

???? each week you put in the amount that coincides with the amount of weeks you’ve been saving. Week one you put in $1. Week two, you deposit $2 and have $3 in you account…because 1+2 = 3. And so on. On the 52nd week, you put in $52.
If you had started on the first of January, by the end of December you would have $1,378.

Ok…here goes…going to give it a try…only one difference though. I think I am going to start at $52 the first week and work my way down. Sounds weird, yet $52 is much money for us and if I can look forward to a larger amounts gotten out of the way while there are no five alarm fires, then it may be a reachable goal for me. Any comments?

Jerry and I did it in 2013 and this week I transferred $1,378.00 to our Savings Account. I really like the idea of doing it in reverse. November and December became quite a pain with the amounts due each week.

so if your on a fixed income that will never let you save that much a week do the week 1- 26 and then start over. or even 1-13. your still setting goals and saving money right? With a little modification anyone can do this.

Me and my hubby started this in Jan. This is my goal. It is hard for us to save but I think by doing this we can do it. I also told some friends about it. Check on me to see how I am doing that would also help you can email me anytime. I am on my 6 weeks right now I did miss a week but I am caught up now. I will keep doing this every year I am treating it like a bill or putting gas in my car. Thanks for posting this I really think it would help us.

I’ve been doing this the past two months, I get paid monthly, so add it up and pay myself first. I have $78 so far, did add some of my income tax money too. Nice to have an emergency fund and some money in savings too. First time ever for me.